The backward-bending labor supply curve has its shape because, at Select one: a.low wages, the income effect
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The backward-bending labor supply curve has its shape because, at
Select one:
a.low wages, the income effect dominates the substitution effect, but the reverse occurs at high wages.
b.high wages, the substitution effect dominates the income effect, but the reverse occurs at low wages.
c.low wages, the substitution effect dominates the income effect, but the reverse occurs at high wages.
d.all wages, the income effect dominates the substitution effect.
e.all wages, the substitution effect dominates the income effect.
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